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Sunday, December 17, 2017

Sotheby’s Quarterly Results Exceed Estimates

A sale at Sotheby's. A sale at Sotheby's. Flickr

Sotheby’s announced that its earnings and revenue exceeded expectations during the company’s last quarter. In spite of the dipping global art market, Sotheby’s reported revenue of $298.7 million, surpassing its $291 million forecast. The promising results led to a surge in shares that reached as high as 22 percent. Last month, China’s Taikang Life acquired a 13.5% stake in the company, making the insurer the auction house’s largest shareholder.

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